Car insurance prices are climbing. Here’s why — and how you can save on your policy [The Charlotte Observer]

Inflation is finally easing the the U.S.

The Bureau of Labor Statistics’ latest data, released Sept. 13, showed that consumer prices increased just 3.7% in the 12-month period ending in August 2023. Between July and August, prices climbed only 0.4%.

But while overall price hikes are slowing down, some things are still getting more expensive — and fast. Auto insurance was among the items that saw the biggest price climbs between August 2022 and August 2023.

In that year-long period, the price of car insurance jumped 19.1%, according to the BLS. From July to August alone, car insurance prices climbed 2.1%.

With overall inflation cooling off, why is car insurance still skyrocketing? And how can drivers save?

Here’s what to know.

3 reasons insurance is getting more expensive

Car insurance is determined by a number of factors — including where you live, the type of car being insured, your insurance company, your age and your gender — so it varies person-to-person.

Experts have cited more specific reasons for the recent uptick in prices, though.

How to save on car insurance as prices rise

Although prices continue to rise, experts have suggestions for drivers looking to save on their car insurance premiums.

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